However, Credit Builder doesn’t report utilization because it doesn’t have a preset limit – you set your limit with your own money. No more credit utilization: With many credit cards, high credit utilization can negatively impact your credit score.This helps you spend within your budget and avoid outstanding balances. You can then use that money to pay for monthly spendings – automatically. Build credit with your own money: After you make a purchase with Credit Builder, we’ll set aside that money in your secured account.We report these payments to credit bureaus to help you build credit. With our Safer Credit Building feature³, we’ll use your money in the secured account to automatically pay your monthly charges. On-time payment made easy: On-time payment is a crucial aspect of building credit.The magic of Credit Builder is that we offer features that help you be on top of the key factors that impact your credit score. Learn more about how this works below: Building credit every day This way, you won’t miss a chance to use your card.Ĭonsistent use of Credit Builder can build your payment history, increase the length of your credit history over time, and has the potential to balance out your credit mix. This feature will move the amount of your choice into Credit Builder on every payday. The easiest way to move money into Credit Builder is by using Move My Pay. You can make the transfer in your Chime app, from the Move Money tab. If you need to use SpotMe, you can always transfer money back to your Chime online checking account instantly and use your debit card. At the end of the month, your money in the secured account can be used to pay your balance automatically with the Safer Credit Building feature³. Money moved to Credit Builder will be held in a secured account and determines how much you can spend with your Credit Builder card. That is totally up to you! However, to take advantage of all your monthly purchases to start building credit, you could move your entire monthly spending budget to Credit Builder so all your purchases can now help you build credit. How much money should you transfer to your Credit Builder Account? Unlike most credit cards, we don’t charge you interest or fees for this cash advance when you use your card at in-network ATMs² (find one near you using the ATM Map in the Chime app). When you use a credit card to withdraw cash from an ATM, you’re getting what’s called a “cash advance”. You can use your Credit Builder card to get cash at any ATM, but you won’t pay interest or fees at in-network ATMs². Fee-Free ATM Withdrawals with Credit Builder² There are no wrong types of purchases when it comes to Credit Builder, all purchases can help you start building credit.īut hold onto that debit card! SpotMe isn’t available on Credit Builder, so make sure to keep your Chime debit card handy too. Think necessities like gas and groceries, recurring bills, but also fun things too like eating out and your next new pair of shoes. You can use your Credit Builder card for pretty much all the purchases you used to make with your debit card. Here are a few things to keep in mind when your Credit Builder card arrives! Credit Builder vs.
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